Topic: What are some financial secrets that you know of? - page 4. (Read 1665 times)

I think it's better than having to rush with minimal capital and without careful planning, which will make it difficult for us to run a business, which in turn will spread to loans to keep the business running.
It's better to wait until we are really ready in terms of planning and finances than to make such hasty conditions. Indeed, when talking about business, it does not mean that with careful preparation, success will be guaranteed, but at least this will be better and will run better than making a business in a hurry just because we see a profitable business pattern but are not accompanied by the skills and capital we have.
I often see things like this in the area where I live when there is someone who runs a business (usually in terms of culinary) some other people my neighbours try to follow when the culinary business is smooth and profitable but with their planning that is not too mature because they only focus on the profits that their neighbours do it makes their business seem perfunctory and detrimental in the end.

This is what I meant. I just said that the majority of the younger people consider it less from an investment point of view with the goal to attain financial freedom or independence at some point in their life. They really look at it like a casino and are more prone to being caught by catchy terms and hot air white papers. I think during bull runs it is difficult for those who are new to the industry to immediately put themselves together and realize the pitfalls that come with shit coins and the consequences of their investment decisions.

If a very young person, say at the age of 18 started accumulating BTC in small proportions like 50 dollars a month over 10 years ago, that would be a fortune already. But who did that? Not many are that disciplined so early on and are so far-sighted that they unconditionally stick to their investment rule without getting distracted from all that shit coin buzz around them. It is easier to see all the issues with a few years of experience.

You mentioned the biggest problem of shit coins, which is that people often don't use extra resources to lose money on shit coins, but that they use their bitcoin to buy shit coins since it is convenient (or has been years ago).

To get back to OP's question what are some financial secrets, I think some of these secrets in the vast majority of the cases develop with experience. If someone without experience sees these ballooning shit coins, it's tough to keep the fingers where they are and not push the buy button. That was how I felt once. But now I can safely tell that it is a crypto eternity ago that I actively bought an alt coin as an investment.

Save & invest consistently, try to make saving a habit and invest wisely to grow your wealth over time.

Diversify your income because relying on a single source of income may limit your wealth potential. Explore multiple income streams like side hustles or investments.

Try to control your expenses & live within your means. Avoid unnecessary expenses to have more money available for savings and investments.

Invest in your knowledge & skills to increase your earning potential & stay ahead in the constantly evolving world.
Focus on long term financial goals & avoid impulsive decisions that can hinder your wealth accumulation.

If you happen to agree with me completely, there shouldn't have been, but.. 



I guess I explained this line very well in my previous comment, unless you misunderstood the whole statement. We should not only think of the positive part when making investment decisions; we should always think of it both ways and choose which one will be more favorable to us. If the price goes up above what you saw, which is $22k, and you happen to secure a few bitcoins at that price, you still did not lose; you still have some funds left, which you can use to go back to your normal weekly buying strategy. Or does your plan restrict you from buying it above the lowest price you last saw it at? If no, then you continue your accumulation.

The Only time I can see using 90% of that reserve fund to purchase at that price is if I have hope of adding more funds to it and the 8k is not what I only planned to use and buy bitcoin for the whole time, but it is just part of the money, then I can make an exception. If not, any time I meet the price is my entry price, provided that the money is mine and I am not borrowing it from anyone. I appreciate buying cheap, but I will not overreact to price dumps when making hasty decisions.

As i said before, it is not wrong to seek knowledge and opportunities as long as we are able, but in this case there must be an opportunity that you really like to be a benchmark.
If it's like that, I think you can do it in a directed way and not mess around with the amount of new knowledge you learn. On the other hand, to protect us when what we love doesn't work out, so there may be other options in the business opportunities we learned before.
Talking about investing and trading I also don't say this is a mistake as long as you can afford it but if it's not possible then it's better to focus on investments that you really believe will be profitable and of course if talking about cryptocurrency investment then bitcoin is the most possible thing for it so the focus in my opinion should not be off this path.
Although many people use altcoins for certain reasons that they think are right but in my opinion the main focus is still bitcoin first.

Now that makes sense, and indeed besides that in business or preparing for business we can't if we just make money the only thing we or they need, there will be many things we need one of which is our belief from a mental perspective. We can see that not a few of them have a lot of capital but fail to build a business. Many people stop halfway and it's a waste of money. Meanwhile, in my opinion, someone will have no difficulty finding capital if they are ready, but it is a very good step if you choose to raise money for your future business capital. Because if someone uses their own money for business capital, they will not experience too much pressure in the business process. So basically there is a lot to prepare if you really want to run a business, not only money but mentality is also really needed there.


I agree with you, it's normal if we want something, we have to try to achieve it, there will be a process that we have to go through. Everyone must have a dream in their life and none of them do not want big achievements in their life. Nothing is impossible in this world if someone is willing to try and go through the process without giving up at all, but the question is (Want it or not). There is so much success that we always dream of, but on the other hand most of us just imagine it without taking any steps to achieve it. They would be able to get whatever they wanted if they would go through the process. Sometimes many of us only see other people's success without knowing what process they have gone through so they can be at that point.

I get your point, and I happen to agree with it, but as much as it may be, and like you have said, we are not in a rush for a quick profit, but buying at that low price ($22k) is still not a bad investment. Remember that if the investor was hoping for the price to drop to $25k and it fell way more than their expectations, then that's really a big opportunity to be invested in. What if the person invested just for the three-week fund like you said and the price took a spike again?

One good way to also invest in Bitcoin is that the person must have a target price at which they want to buy, so that if the price drops to or below their target price, they will just buy at once. In the case of my example, the price of Bitcoin fell way beyond the investor's target, and even if they bought up at once, it's never a bad investment, because their profit will still be huge compared to others who might have even bought at $30k or those that bought Bitcoin during the last bull market at $40k, $50k, and some at $60k.

For sure, in this here thread it is acceptable to talk about a variety of investments besides bitcoin, so my main beef with the use of the term "crypto" in this particular thread is that it is not specific enough, and there is a need to use such word in appropriate context that is NOT ambiguous - especially the way that Cryptomultiplier had used the term by saying that it is a good idea to "invest in crypto."  What does that mean?  It is best to either say what you mean at the time that you say it, or at least if we might know the general context of what you might be referring to bitcoin and other kinds of crypto and sometimes it might not matter so much about what those other crypto are, but if we are making suggestions to invest, it is better to specify what it is that you mean.



Merely because everyone speaks that way does not mean that it is a good idea to repeat such sloppy language.

Yes, we hear really smart and rich people talking that way too.. and when they do that it likely either means that they do not know hardly shit about bitcoin, or they are purposefully trying to be misleading, or they made an innocent mistake.. however, it is not very likely that they made any kind of innocent mistake and if they are speaking about "crypto" as if they know what the fuck they are talking about, then they better learn at least enough about what they are talking about, including bitcoin in order to know how to use such terms so that they are not being misleading or vague or ambiguous. .which is a very sloppy and frequently disingenuine kind of habit, especially when it comes to this particular topic.

And, yeah, I know people speak sloppily about a lot of topics, but if they do it with bitcoin, there are going to be some of us, including but not limited to yours truly who is going to request, suggest or even demand (depending on context) that they specify what it is that they are talking about.  People in the media need to also request that their guests and their cohosts specify what they are talking about if they use the term crypto in a vague context.


I am glad that you are learning and attempting to employ a better kind of practice in the way that you talk about bitcoin versus shitcoins versus crypto, and surely sometimes it is o.k. to use the term crypto - especially if you have already defined what you mean by it.. or maybe you are just talking about various shitcoins in a vague way.. and sometimes if you use the term "crypto" and if you are referring to some dynamic that includes bitcoin, then you can say that you are referring generally to the industry that includes bitcoin and a variety of shitcoins and various projects in the space.. and sure sometimes the details might not necessarily be necessary to flesh out...

Let's say, for example, you heard that there had been various kinds of "crypto legislation" that had been discussed and passed, but you might not know the details of what that legislation is, so if you are describing what you mean, including your not knowing very much about it, then it still might be relevant and even helpful in regards to some other conversation that you are having, and it might even serve as a kind of suggestion that you need to learn more about that particular topic, whether you just read some third party sources or maybe you find out from news source or friend that you trust for a kind of overview in order to better formulate your opinion, and surely many people do not have time to duly investigate everything that they hear about before they even form an opinion,

....but each of us should be careful in terms of not communicating as if we know more than we do or to communicate in vague and misleading ways when it comes to something like the recommendation of investment choices.. even if we on our own might already be employing bad and sloppy investment practices... which there are quite a few people who choose their coins or their investments based on very superficial criteria, and sure they can suggest that others do the same as them, but they should try to disclose aspects of their strategy,  especially if they are recommending others to do the same.


It is a bit strange that you are saying to never ask for investment advice or references on the internet, but you are giving investment advice to DCA into bitcoin.

I think that the point is that each of us have to come to our own conclusions regarding whether to invest, what to invest into and what might be our strategies towards accumulation - including figuring out some targets and goals that we might have within various realistic and reasonable timelines as well as attempting to figure out our own particulars enough in order to be attempting to tailor our approach to ourselves, rather than merely what someone else is saying on the internet that might either be tailored to their own situation or that it might have  either biases contained therein or a lot of incomplete (or even withheld) information regarding what's being invested into.

I do agree with your overall idea that there are some badly motivated folks who try to get normies into pump and dump products, so sometimes there could be feelings (and appearances) of actually profiting, until the rug pull comes, and many times the talking points (and even charisma of the person) can be very persuasive, while at the same time it is misleading.. and so in that sense each of us is responsible for our own approach, including being careful in terms of our own potential vulnerabilities and weaknesses to get drawn into inferior products and inferior investment approaches... so of course, I agree with DCA'ing into BTC.. but still normies have to figure out various other details regarding how to do it in a way that works for them, even including ideas about where to source their buys, how to save on fees (if that might be a concern) and how much exposure that they might have to third parties before they withdraw their coins to their own storage - and surely some people might not even take their coins into their own storage because they might not even feel confident or competent enough in order to do that without screwing it up... so it might not be bad to keep some coins with 3rd parties up to a certain point, and not even all third parties are the same. ... and for some people $1k to $10k is a real lot of money, but for other people, they might not consider moving their value off of exchanges (and third parties until it is much higher amounts, because they feel that they are not putting much of their overall BTC investment at risk since they might already have a lot of wealth in other places.. including that they might also hold some BTC privately too.. so they might not get concerned about having large amounts on exchanges that would be life-changing for poorer people).  


I agree that acting is better than doing nothing - but I question the extent to which any of us needs to necessarily invest in a business or to create work for ourselves for the mere sake of it.

Of course, when we are younger, we likely need to build a variety of skills, and so there can be a lot of advantages in that whether we put up our own shingle (in our own business) or if we work for other people, and it is not necessarily a bad idea to work for other people because not everyone is capable of running their own business or even getting into partnerships that might end up being bad ideas.


I like that you give an example, but I question how you might employ the strategy that you are suggesting without fucking things up too much.  Maybe you are leaving out some facts too?  Because a person who already has bitcoin is way better prepared to be able to wait for a dip as compared with someone who does not have any bitcoin...

And if you are expecting $25k, but the price goes all the way down to $22k, then the BTC price has to go through $25k before it gets to $22k, so why would you have had waited or have much money left when the price passes through $25k, wouldn't you just buy at that point?  

In fact, I find it pretty damned problematic to lump sum at those various points and to even figure out a plan that really works, and if you already have $20k in bitcoin, but you have $8k sitting on the side.. while at the same time you have $200 per week coming in.. why would you be holding onto so much cash? and just letting it accumulate when the BTC price may or may not end up going down to $25k or even $22k for that matter?   $8k is 40% the size of your BTC stash, and if you have $200 coming in every  week that you are not DCA'ing with.. which seems quite dangerous for someone with that little already in BTC to be fucking around waiting for a BTC price dip that may or may not end up happening.  And, if you have less than $20k, then the percentage amount of cash is even higher..  

Now if you were to have $80k already invested in BTC or even $120k, then it might be more reasonable to wait for those kinds of dips because $8k would be only 10% or 6.67% respectively of your BTC amount, so you might have more luxury in terms of feeling that you are able to wait for those kinds of dips because you already have enough to be prepared for up.

Recently, I had already mentioned (in this thread or another one) that my current cash is ONLY about 2.5% of my total BTC holdings, and I am not fucking around waiting for the BTC price to drop before I buy, but for the most part, I do not DCA anymore... but I have buy orders that go every $500 all the way down to $10k-ish..and in some sense, I don't really expect any of those buy orders to be executed, especially below $22k, and so at some point that cash will likely end up getting spent by me rather than to be used to buy BTC.. but at this time, that cash is there and it is just waiting for the BTC price to drop, and I hope that the BTC price does not drop because I do not really want my BTC buy orders to be filled, but if the BTC price does go down, then those orders end up getting filled.

I think that with any of the scenarios that I outlined of someone who has those kinds of levels of cash, and they are expecting to put it into BTC, then don't be fucking around with waiting for dips that might not happen.  Put 1/3 in right away.. let's call it $3k, DCA with the next $3k over the next several months (which would be $230 per week if divided over the next 13 weeks or $115 per week over the next 26 weeks).... plus you said that the person already has $200 per week coming in.. so I question whether to let all of that build up.. maybe invest 1/2 or 1/3 of that each week rather than waiting)..

Now if the amount that is already invested into BTC is $160k or more (which would cause $8k to be 5% of the size), then maybe there could be some rationale to hold off more of the DCA and to set various buy on dip orders, but still I question whether trying to lump sum at $25k or even at $22k would be even close to reasonable, even though having various incremental BTC buy orders down to those amounts and below those amounts does not hurt, and maybe part of the problem that you came into with your hypothetical, Dr.Bitcoin_Strange, is that you had already said that the person wants to invest in bitcoin with their $8k and with their $200 coming in each week... so my assessment is that they better already have a decent amount of BTC before they start to get too aggressive in terms of their waiting for dips that may or may not happen.

Think about it.  The 200-week moving average is currently at $27,098, so the odds of even going below the 200-week moving average might not even be that great, maybe greater than 50%, but you should not be treating 50% or even 60% or 70% odds (if we might be that confident) as if they were going to happen when there are still decently high odds that they won't happen and your strategy should be apportioned in accordance with the odds rather than outside of the odds, including for sure accounting for how many BTC that you already have (meaning how prepared you already are for UP).


You do not need to get into details about your own particular circumstances in order to talk about various ideas.  You can use hypotheticals or you can use percentages and you could even say that you are talking about a friend.. or if you say that you are talking about your own situation, you might just make up some numbers.. None of that would be unfair in order to obscure or convolute OpSec considerations.  Mistakes also happen, and sometimes net assets or networth might not always go up, and some mistakes are perhaps more detrimental than others, and so sometimes if networth might be going up or down due to practices but there sometimes are market forces going on that make it difficult to either figure out how to preserve and/or build networth when the value of a lot of investments might be going down in real terms.. so sometimes it might appear that some of the investments are going up in value, but if they are measured in dollars, it might be misleading in regards to whether they are going up enough in order to keep up with inflation (and we do not always want to rely upon official inflation numbers in terms of assessing the extent to which some of our investments might or might not be keeping up with inflation).


People with a lot of money might not give too many shits about whether their house is as good of an investment as a business.  Of course, poor people might have to rely upon loans to be able to buy a house because they might not otherwise ever be able to save up enough on their own in order to be able to enjoy the house.

Even though you have said you have no secrets in your life, that doesn't mean you will spit out everything you experience and have publicly. Because I'm sure everyone has things in their life that they need to keep secret, such as business relationships and the like that are not so important to disclose to the general public. I think some people around you can be amazed by your simple lifestyle and also your struggle through crypto business and other traditional businesses, but that doesn't mean you have to tell them all the ways and paths of your business.

Home and business are two very different things in everyone's life even though in outline these two things should be equally important for life. So it is only natural that the methods and results that will be received by each person are different, because a house will not generate money if it is built for personal use, although a house can also be a land for earning money if it is built for rent. Meanwhile, business clearly aims to get money in a larger size by using basic money which is referred to as capital. So these are two different things that can be done separately.

I agree with what you said and the example that you have given, but using the price difference in your example is not enough to abandon DCA, as there is not much of a difference between $22,000 and $25,000. If one has a reserve of about $8,000 just for the accumulation of bitcoin and believes the all-time low during that season could be $25,000 but it dropped below that and went down to $22k, which appears to be an added advantage to the accumulator, which is true, but moving forward to accumulate with up to 90% of the reserve funds to me is not a good move, as the same possibility that makes the price drop down to that low level can also repeat itself and it could go down more a bit. I know there is also a possibility of prices going up during that season, but let us always consider both sides while our calculations and our buying decisions should be based on reality.

Instead of using 90% of the reserve funds in a case like this, I will calculate to use up to 3 weeks funds, which could have been $600-800, adding to the present week's own and making my purchase while also observing the market and using my DCA strategy. So that whatever the market turns out to be, there will always be funds to accumulate. Remember that the purpose is not to get a quick profit but to see how much could possibly be accumulated with the fund at hand.

Yes my totalitarian, you have a good point, everyone must work to become a boss, but before one can do that he or she must start from somewhere like little business or working for someone so people can also work for you when you become the boss on your own, keeping money in a save is not like investment because the money is not adding anything as profits, the money store in a save might be called dissipate because something that adds no profits to you bet just there can end someday, so using money that just inoperative will one day end but money that comes with profits can never drained off. Hope am correct? ✌️

Managing finances is important because the economic conditions in my country are unpredictable, after many businesses and companies went bankrupt when Covid happened then now my country has to owe a lot to other countries, this of course makes a lot of subsidies and facilities to be paid expensively so I have to looking for a solution to be able to manage finances.

I agree with you. It is hard to try and push oneself into building a house without enough money, you will always end up getting loans just to finish building the house. On the other hand, if you use the money you have for business that money will have a great potential to grow. It is really about planning everything.

Yes we are ready, I speak for my self because I know my self better than anyone may know, Bitcoin revolution is increasing day after days because of its value today and future purpose, a lot of people are beginning to hold their coin, especially investors on the forum we don't look at the DOLLAR COST AVERAGING (DCA) because we are all hoping for a positive return, also any investor who will go out to seek for investment advice is giving those scammers out there a multiple Chance to misinform his or her asset's, I rather do more learning and gathering plenty informations before joining any investment.

Since you mentioned privacy no one will share their secret here. Because privacy is yours alone. In the case of house construction, he builds his house according to his ability. If someone has enough money then he will never take a loan to build a house and try to build a house with his own money but the person who has limited money to build a house he cannot complete the construction of a house with the amount of money he has. Can build house with loan. It is better to build a business with that money than to build a luxury house. Because if a system can be properly wired then it is possible to fulfill many other dreams from that business in the future not only the house. So money should be spent according to specific plan without spending money unnecessarily.